The Alliance for Arts and Culture is pleased to introduce a Group RRSP Savings Plan for its individual and group members.
The fact that many of our member companies provide Extended Health Benefits for their employees through our excellent group benefits program demonstrates that as a sector we are caring and responsible employers. Now it is the future of the cultural worker that is our concern.
Group RRSPs with NEI Investments
We have chosen NEI Investments as our plan provider on the basis of several important criteria. The Ethical Fund concept was jointly founded with Vancity 25 years ago and has strong local roots that have grown to a recognized national brand. Uniquely, the NEI Group RRSP department and client support infrastructure is Vancouver based, which will increase communication and heighten responsiveness. Finally, they are a strong national investment player fielding funds performing in the first and second quartile in every category.
Starting a Group RRSP with NEI Investments is easy. Our advisor Donna Peerless of Investia Financial Services will supply you with all the necessary documents and help you every step along the way. NEI Investments offers a full range of investment options to build a diversified portfolio ̶ including socially responsible investments.
Most companies that run such programs contribute matching funds up to a set maximum for each employee. For example, a company may decide to make a $100 contribution to each employee each month. The employee will then contribute another $100 to their RRSP and the total of $200 will be invested each month upon receipt in the employee's account with NEI.
At the end of that year the client will have $2,400 of RRSP contribution.
If an employee chooses not to participate in the plan, the employer makes no contribution either. This creates a healthy direct involvement for each employee.
The minimum monthly deposit at NEI is $25, an amount that will not get you to a meaningful retirement but which is nevertheless a start, and often it is starting that is most important.
An employee can contribute more than the employer. The key is always to contribute what is meaningful, realistic and affordable.
We suggest that Alliance member companies consider immediate vesting for their employees. This means that should the employee leave their job they can take the whole amount with them, both their own contribution the employer’s as well. Many of our members’ employees take new jobs within the Alliance membership and this plan will make these accounts totally transferable within member companies. If the person moves to self employment or to retirement they can remain members of the plan as long as they have an active Alliance membership.
Of course the individual has the right to transfer the account out to another carrier at anytime, but if the employer is making a contribution to the group RRSP it makes sense to keep the account within the Alliance, NEI family.
We hope that this explains the basics of this exciting launch of our Alliance Group RRSP.
There will be more to come and we welcome your comments and questions.
Let's get going on a unique undertaking for our sector.
For more information about NEI Investments and Ethical Funds
Who do I contact for more information or to sign up?
Donna D. Peerless
Mutual Fund Representative
How do I become an Alliance member?
Member Relations Manager
Tel: 604.681.3535 (207)